550 Vanderbilt (at Dean). Pacific Park, FKA Atlantic Yards
Comments
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Manhattan, along with the city as a whole, will continue to grow.
These buildings with be filled with people's primary and secondary residences, along with office space and retail. -
Are they going to empty Manhattan to fill these towers? Whoa.
Fun fact— NYC has gained around 1.3 million residents in the past 25 years. -
One can now buy units at 550 Vanderbilt.
http://www.brownstoner.com/blog/2015/06/atlantic-yards-condos-on-vanderbilt-debut-at-565000/
...but you can't move in yet. -
$565k for a 415 ft studio. And that's the earlybird special!My guess, these units will find Chinese buyers paying all cash upfront, who will rent them out and just barely scrap a monthly profit. Anyone paying a mortgage on a unit like this ends up with 3K in monthly expenses. That's too much for a shockingly tiny studio on Atlantic Avenue in prospect heights.
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Shockingly expensive. Never did I think studios on Atlantic Yards would cost more than half a million dollars.
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"Anyone paying a mortgage on a unit like this ends up with 3K in monthly expenses."
Mortgage?
I suspect the vast majority of the people buying in these buildings will buy the units largely in cash.
For some, it may be a second home that is rarely used.
Other may choose to have a mortgage, but only to the extent that the tax benefits suit them.
....I don't think these units are going to be filled by residents trying to make ends meet.
More press:
http://www.550vanderbilt.com/
http://www.nytimes.com/2015/06/14/realestate/first-condos-soon-for-sale-at-barclays-center-site.html?_r=1
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Do y'all seriously think there won't be many owner-residents in this building? The $800,000 price for a 1-bedroom is well within the price range for a professional couple— something like $3,000 a month for the mortgage with good credit. Obviously it's not easy for anyone to save the down payment for that kind of mortgage, but there are a lot of jobs that enable that kind of saving in Manhattan. And the whole inequality thing also means that couples with 6-figure jobs jobs likely have rich parents that could 'help', and might well feel inclined to give their children a nice wedding gift instead of waiting to pass everything on when they die.My impression is that the all-cash international buyer is either an investment fund buying in neighborhoods they think will appreciate fast like Bed-Stuy, or an individual parking money in a fancy neighborhood in Manhattan. The merely wealthy are then priced out to units like these.People pay $3,000 a month to rent at 341 Eastern Parkway:And people pay almost $3,000 a month for a rental in 500 Sterling, which seems like a poorly-built building in an inferior location:And obviously you don't get a rental as a place to park your money.People are likewise paying similar money for condos/rentals in worse locations in terms of commute & immediate neighborhood:The prices are stupid-high, but they're pretty much in line with what people are paying in Brooklyn these days. Hopefully Atlantic Yards will sop up some of the demand that would otherwise shoot ever-further into PLG and Crown Heights.
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"Do y'all seriously think there won't be many owner-residents in this building?"
For the project as a whole, I expect that about 80% of the market rate units will be occupied by tenants more than 70% of the time. Meanwhile, I expect 99% of the rent stabilized (affordable) units to be occupied, more than 99% of the time.
I believe 550 Vanderbilt is all market units.
Pacific Park will create a bunch of units:
"In all, the plan, now more than a decade in the making, calls for 14
residential buildings with 6,430 apartments, including 2,250 subsidized
units, with a completion date of 2025."
http://www.nytimes.com/2015/06/14/realestate/first-condos-soon-for-sale-at-barclays-center-site.html?_r=0
...but I don't know that we will ever be able to definitively declare it affected the changes occurring in elsewhere.
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Here's the latest rendering for the entire site when complete.
Hang on, they may have left half a foot or so of unbuilt space. Quick, someone design an ultra-skinny condo!
Here's the latest succinct description:
http://therealdeal.com/blog/2015/06/01/pacific-park-is-getting-a-new-26-story-resi-tower/ -
Make sure not to cramp the new park (for which the development is now named), or the new K - 8 school that will be located in the complex!
http://www.brooklynian.com/discussion/45695/pacific-park-to-create-new-middle-school-for-prospect-heights/p1 -
On the Apt prices. I do think they're high.3k for a 1 bedroom is totally normal in this city now. But we're talking 630 ft. Thats quite a bit smaller than average. I live in a condo building of all 600ish ft units. Its almost all singles here. Couples can make it work in this space, but at 4k (mortgage plus CCs), dual owners should opt for the one amenity that this place can't offer, space. They can still find it at that price, elsewhere in the neighborhood.
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@whynot_31, just to clarify there is no decision about what kind of school will be located in the complex, other than that it will be a public school facility that is presently proposed to be constructed so its spaces would be suitable for middle school or elementary school students, or both. in this district almost all of our schools are co-located with middle school students in elementary school buildings and vice-versa, and how the building is constructed does not predict its ultimate usage.
prospect heights residents and the larger school community of the district where pacific park is located are urging the DOE to make it into a dedicated middle school. we have been told that no decisions will be made about the utilization of the school for many months, but we are continuing to advocate strongly so the DOE can begin to work with us pro-actively and so parents can know that there are new, high quality options on their way. we're looking to get more input from the stakeholder communities - parents, educators, and potential arts, cultural and tech institutions that could be partners in a first-rate middle school for our district. if anyone is interested in being involved, feel free to DM me!
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Ok, I'll just call it "a public school" for now.
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On the Apt prices. I do think they're high.
Can they?3k for a 1 bedroom is totally normal in this city now. But we're talking 630 ft. Thats quite a bit smaller than average. I live in a condo building of all 600ish ft units. Its almost all singles here. Couples can make it work in this space, but at 4k (mortgage plus CCs), dual owners should opt for the one amenity that this place can't offer, space. They can still find it at that price, elsewhere in the neighborhood.
Check out these interiors and finishes. http://newyorkyimby.com/2015/06/revealed-more-interiors-for-550-vanderbilt-avenue-pacific-park.html
BTW, a rendering for 38 Sixth Avenue was published today. It will rise in an area that used to have bike rikes.
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Here's a nice overhead view of the buildings. The ones with the little arrows are presently in construction. The rest are planned.
Curbed published it.
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I wish that they would have an affordable condo option. Like, affordable for moderate income homeowners. I'd say that they ideal would be 2 bedroom units for around $400-500,000, maybe three bedrooms for up to $700,000, depending on size and view. It could be a lottery, like Navy Greene.
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There are still Mitchell Lama and HDFC coops around:
http://www.nytimes.com/2014/06/29/realestate/affordable-new-york-apartments-with-a-catch.html?_r=0
http://www.nyshcr.org/Programs/Mitchell-Lama/
...but using those types of subsidizes to create NEW ownership housing for NYC's middle class has fallen out of fashion.
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Renderings of the park that will be created in the center of the buildings.
http://therealdeal.com/blog/2015/06/24/a-look-at-forest-citys-8-acre-pacific-park-green-space/
There is no word whether it will have the private security and clean up crews that places like Battery Park City employ, but that seems likely. -
I can't help it. I find it fun to imagine what walking through this thing will be like. One interesting note from the daily news article this came from, while the park is slated for 2025, there will be a swarth of park completed next year with the opening of the first Vanderbilt tower. So, the couples in those tinsy 4k 1 bedrooms (on floor 2!) have something besides a hard hat war zone to peer off on to.
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I think you are correct in stating that the park off Vanderbilt, despite opening next year, will largely be looked at until the majority of the complex is complete in 2025.
The noise and the dust won't make it a pleasant place to sit or stroll until then. -
The large green plywood construction fence that surrounds the site will soon be home to murals and art: http://www.brooklyneagle.com/articles/2015/7/20/pacific-park-brooklyn-unveils-‘pacific-park-arts’-collaboration-crown-heights
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ugh don't even get me started on mike perry >_>
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The fence will come and go.
...but the impact of 550 Vanderbilt is here to stay.
636 sq ft in it will run you $960k.
1 BR, 1 BA
http://www.corcoran.com/nyc/Listings/Display/3481725 -
The 20' high plywood fence will soon have murals. The peasants will be given hotdogs.
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Road closure tomorrow:
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Here is a view of 550 Vanderbilt from the to-be-created park, looking east:
http://www.archdaily.com/768997/cookfox-architects-550-vanderbilt-condo-opens-for-sale
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It's hard to imagine this as the view from the western end looking east. In reality the building construction comes right to the sidewalk. I don't know where those embankments of grass would sit. There should be a building on top of that young couple.
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That's the beauty of renderings; They are not actually part of the offering plan.
So, the people who are buying these units do not have any real recourse if (after closing) they conclude the buildings and the surrounding park do not really look like this.
I'm also interested in seeing how this privately run "open to the public" park is going to operationalize that concept.
Will they dedicate the resources required to keep the homeless out, as Brooklyn Bridge Park, the High Line, and Battery Park City have done?
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I think they'll find it easier to keep out the homeless by keeping out the public a la many of the other privately operated public spaces in the city. What this really means is that access will be for limited hours of the day and won't involve teens, people on bikes, skates, skateboards, or any engaging in any other activity normally found in a park.
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The above rendering does not show any benches, so they are off to a good start at creating a venue one merely passes through.
I assume that the operators will couple this lack of benches with a rule that says you can not obstruct the walkway (ie stop on it).
All of which will successfully create what the customers seek: A museum to trees and landscaping reminicent of some of the best "you can only come in if you have a bracelet" resorts.
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